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Carbon Pricing

All articles tagged with #carbon pricing

climate-change2 years ago•2 min saved

"UK's Carbon Levy on Imported Goods and Steel Imports Set for 2027 Implementation"

The UK government plans to implement a carbon import levy on certain products by 2027 to protect domestic businesses from cheaper imports with lower climate standards. The carbon border adjustment mechanism (CBAM) will apply to carbon-intensive products in sectors such as iron, steel, aluminum, and cement. The levy will be based on the carbon emissions produced during the manufacturing process and the price difference between the country of origin and UK producers. The measure aims to prevent carbon leakage and ensure that carbon-intensive products from overseas face a comparable carbon price to those produced domestically. The UK's steel industry supports the move, but is concerned about the timing, as the EU's carbon measure will start a year earlier.

via Reuters UK|

#carbon-border-adjustment-mechanism-cbam #carbon-levy #carbon-pricing

climate-change2 years ago•5 min saved

Accelerating Climate Action: Unveiling the Path to 1.5°C

The assessment of the first "global stocktake" of progress on climate change since the Paris Agreement in 2015 shows some positive developments, including a decrease in the expected global warming by 2100 if current policies are followed. The increase in renewable energy capacity and the implementation of carbon-pricing schemes have contributed to this progress. However, more needs to be done to achieve the goal of limiting global warming to 2°C. The COP conferences provide a platform for side-agreements and new expressions of intent, but the private sector's investment and redesigning of energy markets are crucial for further advancements. The urgency of climate change is evident in the record-breaking temperatures experienced this year. Discussions on solar geoengineering and carbon dioxide removal should be held outside of the COP conferences, while countries need to be explicit about their removal plans and separate them from emission reduction targets. The UN process can help galvanize progress, but more action is needed to address the challenges ahead.

via Hindustan Times|

#carbon-pricing #climate-change #cop

energy-transition2 years ago•1 min saved

IMF Urges Governments and Private Sector to Address Climate Investment Challenges

The International Monetary Fund (IMF) has warned that the current pursuit of the energy transition could significantly increase public debt, reaching 45-50% of GDP, which is unsustainable. The IMF suggests putting a price on carbon emissions to generate revenue for transition-focused governments and reduce emissions. However, the report acknowledges that carbon pricing is not popular among the general population, creating a trade-off between achieving climate goals, fiscal sustainability, and political feasibility. The IMF proposes a combination of carbon pricing, green subsidies, and regulation to promote innovation and deployment of low-carbon technologies. This comes after BlackRock's CEO, Larry Fink, stated that the energy transition lacks profitable alternative energy technologies.

via OilPrice.com|

#carbon-pricing #climate-action #energy-transition

environment2 years ago•1 min saved

EU Struggles to Implement Green Policies Despite Climate Wins

The European Parliament has approved a new tax on high-carbon imports based on the CO2 emitted in producing them, which aims to pressure non-members to put a price on CO2 emissions and counter benefits to EU industries relocating. Countries with strong carbon pricing will get credit under the new EU tax. The tax is a world-first and awaits final approval from EU countries, expected within a few weeks.

via OilPrice.com|

#carbon-pricing #co2-emissions #environment